Illinois In The Top Tier of Soon-to-Fail States

[Annie]

Oh joy!

Obamaland Pension Meltdown Update - Exchequer - National Review Online

Obamaland Pension Meltdown Update
July 14, 2010 4:45 PM
By Kevin D. Williamson
And so it was prophesied: Illinois is headed into a public-pension death spiral even sooner than predicted. The Land of Obama leads the way.

The state of Illinois — broke, overleveraged, and still refusing to get its accounts in order — is up to something interesting: selling bonds to meet its pension obligations. As one of the many states that refuse to set aside adequate money to fund its public-employee pensions, Illinois is headed to the debt markets to raise $3.7 billion for pension liabilities to get it through the year. This is a double dip: In January, Illinois sold $2.4 billion in bonds for pension obligations. Actually, make that a triple dip: It sold $10 billion in bonds to fund its pension liabilities in 2003. “States don’t traditionally fund their pensions with debt,” says CNN in a nice bit of understatement, “but the practice frees up other money that can be used for operations.” The double whammy here is that Illinois’s pensions are in trouble because it already spent the money it needed for its pension contributions in past years on other spending: Which is to say, Illinois is borrowing money it will have to repay eventually to repay the pension money it already spent to pay for other spending it couldn’t afford then and can’t afford now. If you’re wondering where Barack Obama developed his fiscal finesse, you don’t have far to look...

 

[Mr. H.]

Thanks for trashing my weekend. Oof.

 

[Pepe]

I expect the Obama Administration to "quitely" Guarantee the 10 Billion or so in Bonds Illinois will issue to cover its Pension Obligations.

Issuing Debt to cover a shortfall caused by Deficit (debt) spending.

Thereby putting Joe Sixpack and Mary Valium out in Flyover Amerika on the hook for Rahm and Barry's "Bailout" of their home state.

Ain't Gubmit math fun.

 

[Political Junky]

Oh joy!

Obamaland Pension Meltdown Update - Exchequer - National Review Online

Obamaland Pension Meltdown Update
July 14, 2010 4:45 PM
By Kevin D. Williamson
And so it was prophesied: Illinois is headed into a public-pension death spiral even sooner than predicted. The Land of Obama leads the way.

The state of Illinois — broke, overleveraged, and still refusing to get its accounts in order — is up to something interesting: selling bonds to meet its pension obligations. As one of the many states that refuse to set aside adequate money to fund its public-employee pensions, Illinois is headed to the debt markets to raise $3.7 billion for pension liabilities to get it through the year. This is a double dip: In January, Illinois sold $2.4 billion in bonds for pension obligations. Actually, make that a triple dip: It sold $10 billion in bonds to fund its pension liabilities in 2003. “States don’t traditionally fund their pensions with debt,” says CNN in a nice bit of understatement, “but the practice frees up other money that can be used for operations.” The double whammy here is that Illinois’s pensions are in trouble because it already spent the money it needed for its pension contributions in past years on other spending: Which is to say, Illinois is borrowing money it will have to repay eventually to repay the pension money it already spent to pay for other spending it couldn’t afford then and can’t afford now. If you’re wondering where Barack Obama developed his fiscal finesse, you don’t have far to look...

What a fine American you are to rejoice at the possible failure of a state.
Of course, it's obvious, Cons are willing to see America fail to make Obama look bad.

 

[Wry Catcher]

It has become the cause de jure to blame the economic crisis in state and local government on public employees. But what if the issue goes much deeper, and what if what is happening today was an intentional act?
For those who don't know, it would be wise to take a google ride and read about the Wednesday Night meetings of the "Americans for Tax Reform" and their leader (and possibly the leader of the entire Republican Party and even Boss Limbaugh) Grover Norquist.
Mr. Norquist known for his desire to drown the Federal Government in a bathtub must be delighted in the misery that many Americans are experiencing.

"I don't want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub."
Grover Norquist

 

[Pepe]

Oh joy!

Obamaland Pension Meltdown Update - Exchequer - National Review Online

Obamaland Pension Meltdown Update
July 14, 2010 4:45 PM
By Kevin D. Williamson
And so it was prophesied: Illinois is headed into a public-pension death spiral even sooner than predicted. The Land of Obama leads the way.

The state of Illinois — broke, overleveraged, and still refusing to get its accounts in order — is up to something interesting: selling bonds to meet its pension obligations. As one of the many states that refuse to set aside adequate money to fund its public-employee pensions, Illinois is headed to the debt markets to raise $3.7 billion for pension liabilities to get it through the year. This is a double dip: In January, Illinois sold $2.4 billion in bonds for pension obligations. Actually, make that a triple dip: It sold $10 billion in bonds to fund its pension liabilities in 2003. “States don’t traditionally fund their pensions with debt,” says CNN in a nice bit of understatement, “but the practice frees up other money that can be used for operations.” The double whammy here is that Illinois’s pensions are in trouble because it already spent the money it needed for its pension contributions in past years on other spending: Which is to say, Illinois is borrowing money it will have to repay eventually to repay the pension money it already spent to pay for other spending it couldn’t afford then and can’t afford now. If you’re wondering where Barack Obama developed his fiscal finesse, you don’t have far to look...

What a fine American you are to rejoice at the possible failure of a state.
Of course, it's obvious, Cons are willing to see America fail to make Obama look bad.

Where in the US Constitution does it say that Pepe and his missus down here in Tennessee are expected to "Reward" the Failure of Illinois' Polytickers?

Are you truly that dense?

Illinois always has the Option to repudiate any and all Debt and cannot be sued as a result.

8th Grade Civics.

Did your mother have any children that survived?

 

[Annie]

Oh joy!

Obamaland Pension Meltdown Update - Exchequer - National Review Online

What a fine American you are to rejoice at the possible failure of a state.
Of course, it's obvious, Cons are willing to see America fail to make Obama look bad.

Where in the US Constitution does it say that Pepe and his missus down here in Tennessee are expected to "Reward" the Failure of Illinois' Polytickers?

Are you truly that dense?

Illinois always has the Option to repudiate any and all Debt and cannot be sued as a result.

8th Grade Civics.

Did your mother have any children that survived?

For years the 'blue' states folks have talked about 'who pays the most taxes?' Those of us living in those states have complained to no avail at the reckless spending, salaries, corruption, pensions, and make work programs while the state crumbles from infrastructure out.

While the majority of states are in trouble, they are dominated by the already heavily taxed blue states and both the states and Fed are going to be knocking, loudly:

EconomicPolicyJournal.com: 32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion

Here's the list of over a billion, $2B and more I've highlighted in red.

FRIDAY, MAY 21, 2010

32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion

EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal government has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states (and the Virgin Islands) is $37.8 billion.

The state of California has borrowed $6.9 billion. Michigan has borrowed $3.9 billion, Illinois $2.2 billion.
...

California 6.9 billion
Florida 1.6 billion
Illinois 2.2 billion
Indiana 1.7 billion
Michigan 3.9 billion
New Jersey 1.7 billion
New York 3.2 billion
N.C. 2.1 billion
Ohio 2.3 billion
Penn. 3.0 billion
Texas 1.0 billion
Wisconsin 1.4 billion
Total $37.8 billion​

 

[Baruch Menachem]

This kind of thing is unsustainable. I would not buy a state of Illinois bond under the current conditions. I am surprised they are able to sell them.

Illinois, NY and CA are like the guy with 10 credit cards juggling the cards to make his payments. It is a disaster when the whole house of cards comes down.

Underfunded pensions are an albatross in most every state. Oregon's plan threatens to eat the state sooner or later. There is a mandated 8% annual return on the funds in the plan, and the plan's actuarial schedule is in fantasy land.

This is a huge problem and just saying "republicans are evil" will not make it go away.

 

[MIPS]

Illinois In The Top Tier of Soon-to-Fail States

No need to fret I've just concluded a deal sell Illinois to China ... after all the Chinese just LOVE owning worthless American Debt.

P.S. Sorry folks they wouldn't take President Obama as part of the deal apparently he's too far to the left for the Chicomms to handle :shrug:

 

[Luissa]

You would have a point if most states were not in trouble. But keep pedaling the partisan bullshit.

 

[MIPS]

You would have a point if most states were not in trouble. But keep pedaling the partisan bullshit.

*PSST most of the states ARE in trouble because they've SPENT TOO MUCH MONEY there's nothing partisan about reality Einstein, when you spend more than you take in you eventually go broke it ain't rocket science.

 

[Wry Catcher]

Things that the United States could buy for 1,200,000,000,000 dollars.

 

[MIPS]

Things that the United States could buy for 1,200,000,000,000 dollars.

Why we could buy ANYTHING with that much cash! well except apparently a federal government that's both fiscally sane and adheres to the authority given to it by the U.S. Constitution ....

 

[bucs90]

Oh joy!

Obamaland Pension Meltdown Update - Exchequer - National Review Online

Obamaland Pension Meltdown Update
July 14, 2010 4:45 PM
By Kevin D. Williamson
And so it was prophesied: Illinois is headed into a public-pension death spiral even sooner than predicted. The Land of Obama leads the way.

The state of Illinois — broke, overleveraged, and still refusing to get its accounts in order — is up to something interesting: selling bonds to meet its pension obligations. As one of the many states that refuse to set aside adequate money to fund its public-employee pensions, Illinois is headed to the debt markets to raise $3.7 billion for pension liabilities to get it through the year. This is a double dip: In January, Illinois sold $2.4 billion in bonds for pension obligations. Actually, make that a triple dip: It sold $10 billion in bonds to fund its pension liabilities in 2003. “States don’t traditionally fund their pensions with debt,” says CNN in a nice bit of understatement, “but the practice frees up other money that can be used for operations.” The double whammy here is that Illinois’s pensions are in trouble because it already spent the money it needed for its pension contributions in past years on other spending: Which is to say, Illinois is borrowing money it will have to repay eventually to repay the pension money it already spent to pay for other spending it couldn’t afford then and can’t afford now. If you’re wondering where Barack Obama developed his fiscal finesse, you don’t have far to look...

What a fine American you are to rejoice at the possible failure of a state.
Of course, it's obvious, Cons are willing to see America fail to make Obama look bad.

Seriously? You lefties are gonna respond like that? Criticize conservatives for pointing out how liberal ideology and policies are bankrupting states like Illinois, Cali, NY, NJ???? Are you guys THAT committed to your fanatical left wing ideals that rather than admit those states have been bankrupted by left wing ideals, you'll instead criticize us for pointing it out?

When will you folks get on board and realize BIG GOVERNMENT IS NOT THE ANSWER!!!! In ANY form!!! Republican, Democrat, any form, it's not the answer. Just say it, the ideology Obama adheres to has brought Illinois to financial ruin, and thus, our nation should avoid it.

 

[bucs90]

You would have a point if most states were not in trouble. But keep pedaling the partisan bullshit.

*PSST most of the states ARE in trouble because they've SPENT TOO MUCH MONEY there's nothing partisan about reality Einstein, when you spend more than you take in you eventually go broke it ain't rocket science.

The State of South Carolina, led by fiscal cons like Mark Sanford (yeah, I know, he screwed up socially) and Jim DeMint, is actually starting to thrive. They spent state money to lure business here, so the people in SC who WANT to work do, and those who DO NOT want to work, well, they don't get much of a handout and whine about SC poverty. The unemployment rate in the state is high, but the calculations don't take into account much of the rural areas of the state in which unemployed folks work on family farms and fishing boats to get food, money, etc, as well as the thriving tourism industry on the coast which has a lot of under the table workers who still claim "unemployed".

But anyway, anyone out of a job, check out SC. If you're willing to work, we got jobs and beautiful mountains and beaches.

 

[Political Junky]

You would have a point if most states were not in trouble. But keep pedaling the partisan bullshit.

*PSST most of the states ARE in trouble because they've SPENT TOO MUCH MONEY there's nothing partisan about reality Einstein, when you spend more than you take in you eventually go broke it ain't rocket science.

The State of South Carolina, led by fiscal cons like Mark Sanford (yeah, I know, he screwed up socially) and Jim DeMint, is actually starting to thrive. They spent state money to lure business here, so the people in SC who WANT to work do, and those who DO NOT want to work, well, they don't get much of a handout and whine about SC poverty. The unemployment rate in the state is high, but the calculations don't take into account much of the rural areas of the state in which unemployed folks work on family farms and fishing boats to get food, money, etc, as well as the thriving tourism industry on the coast which has a lot of under the table workers who still claim "unemployed".

But anyway, anyone out of a job, check out SC. If you're willing to work, we got jobs and beautiful mountains and beaches.

stimulus.sc.gov - Home

The stimulus bill is projected to have more than a $3 billion inflow to the State of South Carolina. State government agencies have received more than $1 billion in federal stimulus funds.

 

[Pepe]

You would have a point if most states were not in trouble. But keep pedaling the partisan bullshit.

The States without Income Taxes and with Balanced Budgets written into their Constitutions are in far, far, less financial trouble than CA, IL, NY, NJ, RI.

I still haven't received a reply from some Leftwingnut up thread about the Constitutionality of "stealing" from the good folks in TN or elsewhere to "Bailout" a Criminal gang in IL.

If you chase a Liberal down the street with a pack of large hungry dogs, is that animal cruelty?